Pay As You Go Car Finance
Flexible black box finance designed to keep you on the road
Pay as you go car finance - sometimes called black box finance - is designed for drivers who may struggle to access traditional car finance due to their credit history.
With this type of finance, a small tracking device (black box) is fitted to the vehicle. It's non-intrusive and helps the lender manage the agreement, giving them added security and giving you access to finance that might otherwise be unavailable.
How does pay as you go finance work?
A black box is fitted to the vehicle, which monitors the car's location and can send reminders if a payment is due. It provides the lender with additional security, which in turn can help customers with poor credit gain access to finance.
Key features:
- Designed for customers with very poor credit
- Payment reminders and support built in
- Helps you rebuild your credit rating over time
- Own the car once all payments are made
Is pay as you go finance right for you?
This type of finance may be suitable if:
- You've been declined for other types of car finance
- You have a very low credit score or limited credit history
- You want to rebuild your credit by making regular, on-time payments
- You're comfortable with a tracking device being fitted to the vehicle
It's worth noting that pay as you go finance typically carries a higher interest rate than standard HP or PCP. However, for many customers it represents the most realistic route to getting a car and improving their credit score.
Important things to know
- The black box is small and fitted discreetly - it won't affect how you drive
- If you miss a payment, the device may immobilise the vehicle until the payment is made
- Making payments on time will help improve your credit rating
- Once the agreement is complete and all payments are made, the car is yours
At CreditCar, we'll always explain everything clearly so there are no surprises. If you have questions about how pay as you go finance works, just get in touch.
Interested in pay as you go finance?
Apply online today and we'll assess your options. It only takes a few minutes and there's no impact on your credit score.
- Bad credit accepted
- No obligation to proceed
- Fast decisions
- Multiple lenders
No impact on your credit score
CreditCar is a credit broker, not a lender. Finance is subject to status and income. Representative APR and example figures shown are for illustration only. Written quotations available on request.
We work with a limited panel of carefully selected finance providers. We may receive commission from lenders, which does not affect the rate offered to you. All finance applications are subject to status, affordability checks, and terms and conditions.
BMNC Limited trading as Credit Car | Company No: 16714761
Registered office: Hillside, Smithies, Wakefield Road, Barnsley, S71 1NG
Authorised and regulated by the Financial Conduct Authority. FCA FRN: 799087